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How expensive
can long-term care be?
The quick answer is “more than you think!” Private nursing
homes can cost more than $3,000 per month. Government nursing homes
can cost less, but often have long waiting lists. Home care providers,
which may include a private registered nurse, charge a rate of approximately
$35 per hour. Less skilled care, like assistance with eating or
light housework, can cost at least $15 per hour.
Won’t the government look after me
when I’m old?
People are living longer today than ever before. According to Statistics
Canada, 21% of the population will be over the age of 65 by the
year 2026. We’re living longer because we’re taking
better care of ourselves…through exercise, better eating habits
and we have better health care available.
Medical advances mean that diseases that caused death in the past
now just cause disability. That’s the good news. But living
longer costs money.
Have you factored living longer into your
retirement plans?
Many of us think the government will look after us in our old age.
If you become chronically disabled or mentally impaired, your provincial
government plan may cover only a portion of the care, assistance
and supervision you may need.
If you do qualify for a full government subsidy, you will have to
abide by their terms and conditions – government nursing homes,
government regulated home care and only the benefits allowed within
their parameters.
The subsidy level for nursing home care is reviewed annually. If
your income exceeds a certain level, you would be eligible for only
a partial subsidy, or you could receive no subsidy at all on the
cost of your accommodation.
For most people, temporary or permanent disability can be hard to
deal with, because needing help for everyday activities doesn’t
make you less aware of your situation.
Making long term care insurance part of your financial planning
will give you peace of mind and let you live better. Long-term care
insurance will allow you to protect your quality of life and financial
independence and at the same time allow you to preserve your estate.
As an insurance broker, Chelsea Financial can customize
a long-term care program to suit your needs.
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